SFS commits to the “Science Based Targets initiative”
Media release – March 15, 2024
As part of its decarbonization strategy on the way to net zero, SFS is committing to the “Science Based Targets initiative” (SBTi) as a way of supporting the Paris Climate Agreement that seeks to limit global warming to 1.5°C. Over the next two years, SFS Group will further develop its climate strategy and adapt existing goals to the science based criteria under the SBTi.
SFS Group is well aware of its responsibility to society and the environment. Reducing CO2 emissions along the entire value chain is therefore a key element in the company’s sustainability targets. To further emphasize the already ambitious targets for reducing emissions, SFS signed the SBTi commitment at the end of 2023.
Emission targets in the line with the Paris Agreement
SBTi is a collaboration between the Carbon Disclosure Project, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature. SFS uses scientifically sound targets that are consistent with the requirements of the Paris Agreement in an effort to reduce its direct and indirect emissions. This mainly affects emissions outside the company’s own business activities. In the case of SFS, these make up around 90% of total emissions.
Align targets with SBTi criteria
SFS is currently pursuing the goal of reducing direct CO2 emissions (Scope 1 and 2) by ≥90% by 2030 compared to 2020. Emissions savings are calculated based on the tons of CO2 equivalent per franc of value added. By 2040, SFS also wants to reduce CO2 emissions across the entire value chain (Scope 3) by ≥90%. SFS will keep these targets in the future, but supplement them with short and long-term climate targets within the framework of the SBTi and have them validated within two years.
Detailed plan of measures to achieve net zero
By further developing its decarbonization strategy and drawing up a detailed plan of measures, SFS Group is aiming to achieve its short and long-term reduction targets on the way to net zero. In doing so, SFS is also supporting its business partners at the same time. “A sustainable approach to resources is part of our corporate culture. Together with our business partners, we will continue to increase our investments in the area of sustainability in order to meet the ambitious SBTi targets,” said Jens Breu, CEO of SFS Group.